Clearwater Paper Corporation announced the indefinite closure of its Neenah, Wisconsin facility, which includes three tissue machines and ten converting lines, removing a total paper production capacity of approximately 54,000 tons. Clearwater Paper intends to indefinitely close Neenah and exit the away from home business by the end of July 2021. “Despite the best efforts of our dedicated employees, our Neenah location and assets cannot cost effectively compete in the markets that we serve,” said Arsen Kitch, president and chief executive officer. “This was a difficult decision, because it affects our people, their families and the Neenah community.” The facility’s approximately 290 employees will be impacted by the closure.
Stora Enso’s operational EBIT for the first quarter of 2018 was approximately EUR 369 million. This is well above the earlier guidance for the Q1 2018 operational EBIT. Sales for the first quarter of 2018, amounting to approximately EUR 2 579 million, were similar to the fourth quarter 2017 sales of EUR 2 511 million. The result was better than expected, mainly due to:
· The good pricing environment in Paper and Containerboard (Packaging Solutions)
· Higher volumes at Consumer Board division’s European mills
· Continued strong operational performance
On 9February 2018, Stora Enso guided that its first quarter 2018 sales were estimated to be similar to or slightly higher than the amount of EUR 2 511 million recorded in the fourth quarter of 2017. Moreover, based on the same guidance, operational EBIT was expected to be somewhat higher than the EUR 280 million recorded in the fourth quarter of 2017.
The second quarter 2018 sales are estimated to be similar to or slightly higher than the amount of approximately EUR 2 579 million recorded in the first quarter of 2018 and operational EBIT is expected to be in line with or somewhat lower than the approximately EUR 369 million recorded in the first quarter of 2018.
The impact of annual maintenance shutdowns is expected to be approximately EUR 40 million higher than in the first quarter of 2018, and it is included in the above guidance.